Tether to Introduce Dirham Stablecoin in Partnership with UAE Partners
Jimmy has nearly 10 years of experience as a journalist and writer in the blockchain industry. He has worked with well-known publications such as Bitcoin Magazine, CCN, Business2Community, and...
On August 21, leading stablecoin issuer Tether announced the launch of a stablecoin pegged to the United Arab Emirates dirham (AED). This innovative move is part of a strategic partnership with two prominent UAE-based companies, Phoenix Group PLC and Green Acorn Investments Ltd.
According to the press release, the new token will be “fully backed by liquid UAE-based reserves” and adhere to Tether’s “transparent and robust reserve standards,” providing users with a stable digital representation of the local currency.
The introduction of the Dirham-backed stablecoin represents Tether’s commitment to supporting the rapidly growing crypto landscape in the UAE as the stablecoin will be pegged to the country’s local currency (AED).
Tether’s CEO, Paolo Ardoino, emphasized the significance of this move, stating that the UAE is becoming a “significant global economic hub.”
He believes the Dirham-pegged stablecoin will be a “valuable and versatile addition” for Tether’s users, offering a cost-effective solution for accessing the benefits of the AED.
The partnership with Phoenix Group PLC, a prominent Abu Dhabi-based tech conglomerate, aims to equip businesses and individuals in the UAE with an “essential tool” for digital transactions.
Seyed Mohammad Alizadehfard, the co-founder and Group CEO of Phoenix Group, expressed enthusiasm about the collaboration, highlighting the firm’s dedication to providing innovative financial solutions.
The launch of the Dirham-pegged stablecoin aligns with the UAE’s growing prominence as a hub for cryptocurrency
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